Notaries are public officials
A notary public is an appointed position by the Secretary of State’s office in a given state. As with many public officials, the State specifies that the individual obtain a notary bond prior to receiving their commission. This bond “makes sure” that when the official violates the public trust through neglect of their responsibilities, funds are set aside to reimburse the State for its loss.
The principal responsibility of a notary is to ensure that the individual parties to a contract are who they claim to be. The State may experience a loss if the notary public fails to properly ensure the identity of the parties.
As a public official, the notary harms the public trust by failing in their responsibility to confirm identity. If a Washington DC notary public doesn’t confirm identity and a loss occurs, an injured party can file a claim against that State for the loss, because the State was negligent through its appointed representative.
A notary bond is a promise to pay to the obligee (the State) if losses occur for a penalty amount of the bond. Notary Public bonds are generally provided by a surety company (typically an insurance carrier). The bond usually runs concurrently with the term of the notary’s commission.
You’re probably familiar with a property insurance policy. If a person has a homeowners insurance in Indiana claim, the insurance carrier pays the loss and writes off the loss. You aren’t required to reimburse the carrier for the loss. Unlike a homeowners insurance policy however, a notary bond is simply a promise that the finances will be available if losses occur. The surety (insurance company) pays the State up to the penalty amount of the bond. However, this claim paid by the surety is not simply written off. The company will most likely seek reimbursement from the bonded party, the notary themself.
A notary bond protects the public. Who protects the notary? Insurance coverage is available to provide this protection – it’s called Notary Public E & O and may also be obtained for a nominal fee from insurance carriers.
Related posts:
- Why buy Van Insurance?
- Free Public Divorce Records Online
- Fear Of Public Speaking, the Best Way to Get Rid of It
- Auto Insurance Review
- Added Free People Search Engines And Public Finder Websites Grow to be On hand All The Time
Tags: Homeowners Insurance, Injured Party, Insurance Carrier, Insurance Company, Insurance Coverage, Losses, Neglect, Notary Bond, Notary Public, Obligee, Principal Responsibility, Property Insurance Policy, Public Bonds, Public Notary, Public Officials, Public Trust, Quot, Secretary Of State, Surety Company, Surety Insurance
